Business & Economy

Cabinet approves Minimum Support Price for Copra for 2020 season

NetIndian News Network

New Delhi, March 13, 2020

The Cabinet Committee on Economic Affairs (CCEA) today gave its approval for the Minimum Support Prices (MSPs) for Copra for the 2020 season.

The MSP for Fair Average Quality (FAQ) of milling copra has been increased to Rs 9,960 per quintal for 2020 season from Rs 9,521 per quintal in 2019 and the MSP for ball copra has been increased to Rs 10,300 per quintal for 2020 season from Rs 9,920 per quintal in 2019.

This will accrue a benefit of Rs 439 per quintal in the milling Copra and Rs 380 increase in ball Copra. It will ensure a return of 50% for milling Copra and 55% for ball Copra over the all-India weighted average cost of production, an official press release said.

The approval is based on recommendations of the Commission for Agricultural Costs and Prices (CACP).

The increase in MSP for Copra for 2020 season is in line with the principle of fixing the MSP at a level of at least 1.5 times the all India weighted average cost of production which was announced by the Government in the Budget 2018-19, the release said.

It assures a minimum of 50% as the margin of profit as one of the important and progressive steps towards making a possible doubling of farmers' incomes by 2022, it said.

The National Agricultural Cooperative Marketing Federation of India Limited (NAFED) and National Cooperative Consumer Federation of India Limited (NCCF) will continue to act as Central Nodal Agencies to undertake price support operations at the MSP in the coconut growing states.

India is number one in production and productivity of Copra in the world.